Commonwealth Bank of Australia decreased its holdings in Norfolk Southern Corp. (NYSE:NSC) by 10.4% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 866,450 shares of the railroad operator’s stock after selling 100,384 shares during the period. Norfolk Southern accounts for about 1.5% of Commonwealth Bank of Australia’s portfolio, making the stock its 16th biggest holding. Commonwealth Bank of Australia owned approximately 0.32% of Norfolk Southern worth $156,577,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the company. United Bank boosted its stake in shares of Norfolk Southern by 3.1% in the second quarter. United Bank now owns 9,940 shares of the railroad operator’s stock worth $1,500,000 after acquiring an additional 295 shares during the period. Tower Bridge Advisors boosted its stake in Norfolk Southern by 2.8% during the second quarter. Tower Bridge Advisors now owns 10,996 shares of the railroad operator’s stock valued at $1,659,000 after buying an additional 300 shares during the last quarter. Dynamic Technology Lab Private Ltd boosted its stake in Norfolk Southern by 4.3% during the second quarter. Dynamic Technology Lab Private Ltd now owns 7,300 shares of the railroad operator’s stock valued at $1,102,000 after buying an additional 301 shares during the last quarter. Advisor Partners LLC boosted its stake in Norfolk Southern by 5.3% during the second quarter. Advisor Partners LLC now owns 6,266 shares of the railroad operator’s stock valued at $945,000 after buying an additional 317 shares during the last quarter. Finally, Cadinha & Co. LLC boosted its stake in Norfolk Southern by 19.0% during the second quarter. Cadinha & Co. LLC now owns 2,000 shares of the railroad operator’s stock valued at $302,000 after buying an additional 320 shares during the last quarter. 74.34% of the stock is owned by hedge funds and other institutional investors.

In other news, VP Cynthia C. Earhart sold 2,370 shares of Norfolk Southern stock in a transaction on Wednesday, August 29th. The stock was sold at an average price of $175.09, for a total value of $414,963.30. Following the transaction, the vice president now directly owns 2,370 shares in the company, valued at approximately $414,963.30. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Michael Joseph Wheeler sold 801 shares of Norfolk Southern stock in a transaction on Wednesday, November 7th. The shares were sold at an average price of $172.55, for a total value of $138,212.55. Following the completion of the transaction, the chief operating officer now owns 9,406 shares in the company, valued at $1,623,005.30. The disclosure for this sale can be found here. Company insiders own 0.23% of the company’s stock.

NSC has been the subject of a number of research reports. Credit Suisse Group dropped their price target on Norfolk Southern from $188.00 to $187.00 and set an “outperform” rating for the company in a research note on Thursday, October 25th. Scotiabank set a $175.00 price objective on Norfolk Southern and gave the company a “buy” rating in a research note on Wednesday, July 25th. Edward Jones lowered Norfolk Southern from a “buy” rating to a “hold” rating in a research note on Friday, September 28th. Loop Capital raised Norfolk Southern from a “hold” rating to a “buy” rating and raised their price objective for the company from $179.00 to $190.00 in a research note on Wednesday, October 24th. Finally, Deutsche Bank raised Norfolk Southern from a “hold” rating to a “buy” rating and set a $205.00 price objective for the company in a research note on Tuesday, August 14th. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating and eleven have issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average target price of $176.95.

NSC opened at $166.82 on Wednesday. The firm has a market cap of $45.48 billion, a price-to-earnings ratio of 19.33, a PEG ratio of 1.51 and a beta of 1.32. Norfolk Southern Corp. has a 52 week low of $125.89 and a 52 week high of $186.91. The company has a current ratio of 0.86, a quick ratio of 0.75 and a debt-to-equity ratio of 0.69.

Norfolk Southern (NYSE:NSC) last released its quarterly earnings data on Wednesday, October 24th. The railroad operator reported $2.52 EPS for the quarter, topping the consensus estimate of $2.44 by $0.08. The company had revenue of $2.95 billion for the quarter, compared to the consensus estimate of $2.90 billion. Norfolk Southern had a return on equity of 15.12% and a net margin of 52.82%. Norfolk Southern’s quarterly revenue was up 10.4% on a year-over-year basis. During the same period last year, the business posted $1.75 EPS. On average, equities research analysts forecast that Norfolk Southern Corp. will post 9.24 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 10th. Shareholders of record on Friday, November 2nd will be issued a dividend of $0.80 per share. The ex-dividend date is Thursday, November 1st. This represents a $3.20 annualized dividend and a yield of 1.92%. Norfolk Southern’s payout ratio is currently 48.41%.

COPYRIGHT VIOLATION NOTICE: This piece was originally published by The Cerbat Gem and is owned by of The Cerbat Gem. If you are viewing this piece on another website, it was stolen and republished in violation of United States and international trademark and copyright law. The legal version of this piece can be accessed at https://www.thecerbatgem.com/2018/11/14/commonwealth-bank-of-australia-has-156-58-million-holdings-in-norfolk-southern-corp-nsc.html.

Norfolk Southern Profile

Norfolk Southern Corporation, together with its subsidiaries, engages in the rail transportation of raw materials, intermediate products, and finished goods. It also transports overseas freight through various Atlantic and Gulf Coast ports, as well as coal, automotive, and industrial products; and provides commuter passenger services.

Further Reading: Fundamental Analysis and Choosing Stocks

Institutional Ownership by Quarter for Norfolk Southern (NYSE:NSC)

Receive News & Ratings for Norfolk Southern Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Norfolk Southern and related companies with MarketBeat.com's FREE daily email newsletter.